After SOL broke back above $240, capital didn’t scatter randomly across Solana — it is piling into three high-conviction tracks. Combining on-chain flows, exchange data and primary-market signals, the hottest tickets sort into four buckets and nine tickers, ranked by the amount of fresh money they’re soaking up.

• Jupiter (JUP)
  Routes 62 % of all Solana DEX volume. Net in-flows +18 % in the three days to 16 Sept put annualised fee income at ~$94 M. Price: $0.52, P/F ≈ 8× (vs 1inch at 12×).

• Raydium (RAY)
  On 15 Sep, 74 M RAY ($244 M, 28 % of float) moved into staking contracts. Meme-coin heat is juicing AMM fees; price now $3.30.

• Kamino (KMNO)
  TVL +32 % in two weeks, mostly from kSOL restaking and JLP leveraged pools. Borrow rates at 12 % have doubled protocol revenue, yet token still 60 % below TGE—an earnings/valuation re-rade play.

• Pump.fun (PUMP)
  Live-mint + Upbit listing pushed daily SOL burn up 90 %; circulating supply deflated 0.18 % in a week—SOL’s closest thing to a share-buy-back.

• BONK
  Coinbase Wallet’s new “BONK-card” cashback drove active on-chain addresses +45 % in Sept; retail’s go-to dog-coin.

• Pudgy Penguins (PENGU)

  1.2 M plush toys sold; Solana game chain due Q4. Traders treat PENGU as a tokenised proxy for NFT floor moves and toy-sales revenue.

• Huma Finance (HUMA)
  Flag-ship PayFi protocol. V2 cuts invoice-financing APY to 8 % and integrates with stable-coin issuer Pike. Outstanding loans doubled in two weeks; market-cap only $0.025, a third of peer Polytrade.

• MyStonks (STONKS)
  Tokenised-US-stock platform. Just finished DTCC pilot, now waiting for SEC “T+0” sandbox approval. Investors front-running a potential regulatory green-light.

• Cudis (CUDIS)
  80 k smart fitness rings sold; firmware forces users to stake CUDIS to unlock analytics = hardware-locked float. Price $0.13, still 35 % below private round.

• Roam (ROAM)
  eSIM + Wi-Fi sharing; 120 k new nodes in Sept, 140 countries covered. Test-net roaming revenue is market-bought back into ROAM, a mini cash-flow loop at $0.11.

• Stable-coin issuance on Solana hit an all-time high of $13.3 B, yet DEX & lending TVL share <48 % — most fresh liquidity is still “HODL + shitcoin punt” rather than yield farming.

• Exchange data (CoinMetrics): SOL net withdrawals +9.3 % in seven days; the same wallets also pulled JUP, RAY and PUMP off-exchange to stake/burn—capital wants the fee-plus-deflation twofer.

• Primary market: 12 Solana deals closed this month, six in PayFi + DePIN—confirming where VCs think the next story lives.

Near-term SOL strength is driven by treasury-buyers and meme-driven burns; infrastructure trio (JUP/RAY/KMNO) and headline memes (PUMP/BONK) are the clearest recipient pools. Mid-term, watch whether PayFi + equity-tokenisation can graduate from headline to cash-cow—Solana’s best shot at its own “DeFi Summer”.

After SOL broke back above $240, capital didn’t scatter randomly across Solana — it is piling into three high-conviction tracks. Combining on-chain flows, exchange data and primary-market signals, the hottest tickets sort into four buckets and nine tickers, ranked by the amount of fresh money they’re soaking up.

• Jupiter (JUP)
  Routes 62 % of all Solana DEX volume. Net in-flows +18 % in the three days to 16 Sept put annualised fee income at ~$94 M. Price: $0.52, P/F ≈ 8× (vs 1inch at 12×).

• Raydium (RAY)
  On 15 Sep, 74 M RAY ($244 M, 28 % of float) moved into staking contracts. Meme-coin heat is juicing AMM fees; price now $3.30.

• Kamino (KMNO)
  TVL +32 % in two weeks, mostly from kSOL restaking and JLP leveraged pools. Borrow rates at 12 % have doubled protocol revenue, yet token still 60 % below TGE—an earnings/valuation re-rade play.

• Pump.fun (PUMP)
  Live-mint + Upbit listing pushed daily SOL burn up 90 %; circulating supply deflated 0.18 % in a week—SOL’s closest thing to a share-buy-back.

• BONK
  Coinbase Wallet’s new “BONK-card” cashback drove active on-chain addresses +45 % in Sept; retail’s go-to dog-coin.

• Pudgy Penguins (PENGU)

  1.2 M plush toys sold; Solana game chain due Q4. Traders treat PENGU as a tokenised proxy for NFT floor moves and toy-sales revenue.

• Huma Finance (HUMA)
  Flag-ship PayFi protocol. V2 cuts invoice-financing APY to 8 % and integrates with stable-coin issuer Pike. Outstanding loans doubled in two weeks; market-cap only $0.025, a third of peer Polytrade.

• MyStonks (STONKS)
  Tokenised-US-stock platform. Just finished DTCC pilot, now waiting for SEC “T+0” sandbox approval. Investors front-running a potential regulatory green-light.

• Cudis (CUDIS)
  80 k smart fitness rings sold; firmware forces users to stake CUDIS to unlock analytics = hardware-locked float. Price $0.13, still 35 % below private round.

• Roam (ROAM)
  eSIM + Wi-Fi sharing; 120 k new nodes in Sept, 140 countries covered. Test-net roaming revenue is market-bought back into ROAM, a mini cash-flow loop at $0.11.

• Stable-coin issuance on Solana hit an all-time high of $13.3 B, yet DEX & lending TVL share <48 % — most fresh liquidity is still “HODL + shitcoin punt” rather than yield farming.

• Exchange data (CoinMetrics): SOL net withdrawals +9.3 % in seven days; the same wallets also pulled JUP, RAY and PUMP off-exchange to stake/burn—capital wants the fee-plus-deflation twofer.

• Primary market: 12 Solana deals closed this month, six in PayFi + DePIN—confirming where VCs think the next story lives.

Near-term SOL strength is driven by treasury-buyers and meme-driven burns; infrastructure trio (JUP/RAY/KMNO) and headline memes (PUMP/BONK) are the clearest recipient pools. Mid-term, watch whether PayFi + equity-tokenisation can graduate from headline to cash-cow—Solana’s best shot at its own “DeFi Summer”.